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VA Fixed Mortgage Loan
You've served your country, now let us serve you with a mortgage loan designed specifically for you!
Features
ECU is proud to offer veterans a mortgage loan with exceptional service and a great loan rate. Our Veterans Administration (VA) loan offers low or no down payment terms and is exclusively available to individuals qualified by military service or other entitlements. We appreciate your service and look forward to helping you achieve your home ownership dreams.
- Finance up to 100% of the purchase price
- Seller may contribute up to 4% toward closing costs
- Monetary gifts allowed for closing costs
- No prepayment penalty
Learn More
Have Mortgage Questions?
Purchasing or refinancing a home can be stressful, leaving you asking lots of questions! Should you buy or rent? Will refinancing save you money? How much will your monthly payment be? Check out our calculators designed to answer these questions and more!
Compare Mortgages
With so many choices, how do you know which loan is right for you? See the chart below to see the unique features of each. For additional information, please give us a call at 800-999-2328.
| Loan Type | Maximum Loan to Value | Term | Mortgage Insurance | Prepayment Penalty |
|---|---|---|---|---|
| Fixed & Adjustable Rate Mortgages | 97.00% | 15/20/30 year | Yes | No |
| Federal Housing Administration (FHA) | 96.50% | 15/30 year | Yes | No |
| USDA | 100.00% | 30 year | Yes | No |
| First Time Home Buyers Program | 105.00% | 30 year | No | No |
| ECU 100 Mortgage | 100.00% | 15/20/30 year | No | No |
| Veterans Administration (VA) | 100.00% | 30 Year | Yes | No |
| ECU Purchase Plus | 105.00% | 15/30 Year | No | No |
FAQs
A mortgage for veterans and service persons. The loan is guaranteed by the Department of Veterans Affairs (VA) and requires a low or no down payment.
The Department of Veteran Affairs (VA) charges a Funding Fee to most veterans who obtain a VA mortgage loan to help sustain the VA home loan program. The VA Funding Fee is a percentage of the principal loan amount and is due at closing. The amount of the VA Funding Fee varies depending on the specifics of the transaction. The total amount can usually be financed as part of the loan amount or paid in cash.
Only veterans receiving VA disability are exempt from paying the VA Funding Fee.
You are not eligible for VA financing solely based upon Active Duty for Training in the Reserves or National Guard. Note: Guard and Reservists are eligible if they were “activated” under the authority of Title 10 U.S. Code, as was the case for Iraq/Afghanistan.
Although there is no maximum VA loan (limited only by the reasonable value or the purchase price), lenders generally limit the maximum VA loan to $417,000.
Everyone is required to obtain a Certificate of Eligibility. If you do not have this Certificate, you will need to apply using VA Form 26-1880, and this will require a copy of DD-214 (Certificate of Release or Discharge from Active Duty) showing character of service. Along with the Certificate of Eligibility, loan applicants must document their credit, savings, and employment information.